Bizarre BNZ buyback idea shows bankruptcy of thinking by Winston Peters

Responding to the speech this afternoon by Winston Peters where he announced a policy to buy back the Bank of New Zealand, Hon. Ruth Richardson, Chair of the Taxpayers’ Union, said:

“The last time the Crown was the majority owner of the Bank of New Zealand, it nearly sent us bankrupt. Now Winston Peters wants to do it all over again 30 years later. It’s not a serious idea, it’s a bankruptcy of thinking.”

“Time and time again government-owned banks cost taxpayers dearly. Mr Peters’ policy would be forgivable only in the 1960s.”

“Borrowing to buy a bank when credit ratings agencies are already putting New Zealand on watch for unsustainable debt is a counterproductive contribution to the challenges facing New Zealand’s public finances.”